Abstract

Since the European Central Bank was established, a clear pattern of its governance has been that the bigger countries in the euro area – France, Germany, Italy and Spain - have been represented on the Executive Board. Furthermore, nationals from those countries whose terms had ended have been replaced by compatriots. There was one exception when Christian Noyer was replaced by Lucas Papademos as Vice-president in 2002, but this was intended to leave room for the replacement a year later of Wim Duisenberg by Jean-Claude Trichet as president.